Reverse mortgages can also help divorced people who have not remarried
Many custodial parents trade their interest in their spouse’s retirement so that he or she (most often it is the mother). Now that she is reaching retirement age, panic is starting to set in.
Even those endless commercials about reverse mortgages always feature happy couples, reverse mortgages are also available to single people, so long as he or she is at least 62 years old. .
Reverse mortgages are not simple and anyone considering doing one should consult with an experienced mortgage broker.
There are three basic types of reverse mortgages.
First, where the homeowner uses the reverse mortgage to obtain a lump sum payment.
Second, where the homeowner uses the reverse mortgage to receive a stream of payments, like an annuity.
Third, where the homeowner uses the reverse mortgage to establish a line of credit.
This calculator will help you get an idea of what benefit options you have with a reverse mortgage. http://www.stlouismortgage.com/reversemortgage.html
Information for this article was provided by Bob Raaf of First EquityMortgage, the oldest mortgage brokerage in Missouri. The telephone number for First Equity is 314-872-2901 and their website may be found at www.stlouismortgage.com.